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Zonal Isolation Packers Market is Likely to Grow at 3.5% CAGR during the Period 2019 to 2027
Zonal Isolation Packers Market
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Zonal Isolation Packers Market- Key Insights
Worldwide sales of zonal isolation packers witnessed subdued growth at a CAGR of over 3% from 2013 to 2018. However, ever-evolving demand for energy extraction across the globe provides credence to the unabated demand for zonal isolation packers in the future.
Sales of permanent zonal isolation packers are likely to grow at a CAGR of over 5% in 2019. Permanent zonal isolation packers are estimated to account for over 2/3rd of overall market share by 2027, and will continue to be the top-selling product type.
North America will prevail as the largest market for zonal isolation packers, with demand underpinned by resurgence in drilling & well-intervention applications.
APAC & MEA will remain the fastest-growing market for zonal isolation packers, notably driven by rising focus and investments in both onshore as well as offshore oil & gas exploration activities.
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Adoption of Zonal Isolation Packer Soars as End-Users Seek Improved Well Lifecycle with Minimum Workover
Global demand for zonal isolation packers remains influenced by two chief factors - well lifecycle and workover. With resurgence in oil & gas drilling activities worldwide and consistent growth i well-intervention activities, deployment of zonal isolation packers, is increasing for seamless production maintenance in the existing oilfields.
Multiple varieties of zonal isolation packers, including inflatable packers, swellable packers, intelligent completion packers, hydraulically set packers, dual string packers, sand control packers, and mechanical packers, are witnessing augmented demand for use in diverse target applications. With relatively greater performance and reliability being two of the key benefits, permanent zonal isolation packer type is emerging as a force to reckon with in the zonal isolation packers market space.
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Zonal Isolation Packers Market- Research Methodology
An effective and robust approach has been employed in the zonal isolation packers market report to garner valuable insights into zonal isolation packers market instrumental in determining growth of zonal isolation packers market. The research methodology employed for zonal isolation packers market is a two-step research process that involves primary and secondary research phases for zonal isolation packers market report. The primary research phase for zonal isolation packers market involves in-person interactions and interviews with industry experts in the zonal isolation packers market.
The secondary research phase in the zonal isolation packers market involves comprehensive study of paid databases, articles and press releases, company websites, trade journals, and other relevant publications associated with zonal isolation packers market. The results obtained in both steps of the research methodology employed for zonal isolation packers market report are cross-checked to offer an authentic compilation of insights into the zonal isolation packers market.
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